On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks...more
12/5/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Credit Reporting Agencies ,
Data Brokers ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Regulation V ,
Regulatory Agenda
On November 12, the Consumer Financial Protection Bureau (CFPB) released a new report titled, “State Consumer Privacy Laws and the Monetization of Consumer Financial Data.” The report provides an overview of the state...more
11/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Consumer Privacy Rights ,
Data Privacy ,
Data Protection ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
GLBA Privacy ,
Lending ,
State Privacy Laws ,
Unfair or Deceptive Trade Practices
On March 28, the Federal Trade Commission (FTC) released a Privacy and Data Security Update, highlighting the FTC’s activities in recent years through December 2023. The FTC underscored its work on issues related to...more
4/12/2024
/ Algorithms ,
Artificial Intelligence ,
COPPA ,
Cybersecurity ,
Data Privacy ,
Do Not Call List ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Machine Learning ,
Popular ,
Regulatory Agenda ,
Risk Management
Editor’s Note: In recent regulatory and enforcement developments, the White House announced a new executive order aimed at strengthening cybersecurity at U.S. ports, and another executive order was issued to protect sensitive...more
3/7/2024
/ Artificial Intelligence ,
Biden Administration ,
Consent Order ,
Consumer Financial Products ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Department of Health and Human Services (HHS) ,
Executive Orders ,
Fair Credit Reporting Act (FCRA) ,
FCC ,
Financial Services Industry ,
Personal Data ,
Personally Identifiable Information ,
Robocalling ,
TCPA ,
UDAAP
On February 8, the U.S. Supreme Court issued a unanimous decision in Department of Agriculture Rural Development Rural Housing Service (USDA) v. Kirtz, holding that the Fair Credit Reporting Act’s (FCRA) clear statutory text...more
2/12/2024
/ Borrowers ,
Consumer Reporting Agencies ,
Consumer Reports ,
Department of Agriculture Rural Development Rural Housing Service v Kirtz ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Government Agencies ,
Loans ,
SCOTUS ,
Statutory Violations ,
USDA
Following several years of investigating the common practices in the space, the Federal Trade Commission (FTC) reached its first settlement with a data broker over the alleged collection and sale of location information that...more
1/18/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Corporate Counsel ,
Data Brokers ,
Data Collection ,
Data Sellers ,
Data Selling ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Geolocation ,
Location Data ,
Personal Data ,
Request For Information ,
Settlement
Please join us for a special cross-over episode of FCRA Focus and The Consumer Finance Podcast, where Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, and Ron Raether look at the latest developments in the...more
On October 12, the U.S. District Court for the Northern District of Illinois denied certification of a putative class action asserting that TransUnion violated the Fair Credit Reporting Act (FCRA) and the Missouri...more
On October 10, Governor Newsom signed the Delete Act ( SB 362) into law, which amends California's current data broker law to impose extensive additional disclosure and registration requirements on data brokers, and to...more
10/20/2023
/ California ,
California Privacy Protection Agency (CPPA) ,
Consumer Reporting Agencies ,
Cybersecurity ,
Data Brokers ,
Data Collection ,
Data Deletion ,
Data Protection ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
New Legislation ,
Notice of Proposed Rulemaking (NOPR) ,
Personal Data ,
Personal Information ,
Personally Identifiable Information ,
Popular ,
Public Comment ,
Regulatory Reform
A new enforcement action provides more detail on the expectations of the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) for the content of tenant screening reports....more
10/17/2023
/ Civil Penalty Fund ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Rental Property ,
Screening Procedures ,
Tenants ,
TransUnion ,
TransUnion LLC v Ramirez
As discussed here, on September 21 the Consumer Financial Protection Bureau (CFPB) released an outline of its plans for rulemaking under the Fair Credit Reporting Act (FCRA). The outline was supplied for initial comment to a...more
The Consumer Financial Protection Bureau (CFPB) has started the process of issuing rules on several topics affecting the entire ecosystem that collects, sells, and uses data about consumers, according to an Outline of the...more
9/22/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process ,
SBREFA
Join us for the third episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
Join us for the third episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
Join us for the second episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
Join us for the second episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the...more
8/17/2023
/ Artificial Intelligence ,
CFPB Director ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Brokers ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Roundtable
Editor’s Note: Texas, Oregon, and Delaware became the latest states to pass a comprehensive privacy bill, while the CPRA, Connecticut, and Colorado’s privacy laws came into force. In the litigation world, the FTC filed an...more
7/20/2023
/ California Privacy Rights Act (CPRA) ,
Data Breach ,
Data Privacy ,
Department of Health and Human Services (HHS) ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Health Insurance Portability and Accountability Act (HIPAA) ,
New Legislation ,
Personal Data ,
Popular ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State Data Privacy Laws
On November 10, the Consumer Financial Protection Bureau (CFPB) published a circular, stating that both consumer reporting agencies (CRAs) and furnishers may be held liable under the Fair Credit Reporting Act (FCRA) for...more
What standard should courts use to determine whether information contained in a consumer’s credit report is inaccurate or misleading? According to the Third Circuit in a recent precedential decision, the standard should be...more
On June 28, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule, encouraging states to enact more laws regulating consumer reporting, arguing that states’ powers are only constrained in limited ways by...more
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative...more
6/29/2022
/ Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Department of Justice (DOJ) ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Financial Services Industry ,
NYDFS ,
Popular
On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Federal Trade Commission (FTC) together filed an amicus brief in an appeal pending before the Court of Appeals for the Second Circuit, Sessa v. Trans...more
In December 2021, a federal judge granted a motion for summary judgment in Mitchell v. Specialized Loan Servicing LLC, holding that defendant Specialized Loan Servicing LLC (Specialized Loan) properly reported plaintiff Eric...more
On December 22, the U.S. District Court for the District of New Jersey dismissed putative class claims brought against a health insurance company, following a 2013 data breach incident. In In re Horizon Healthcare Servs. Data...more